Magnesium Hydroxide Market to Reach $1.5 Billion by 2030
Consistently increasing demand for magnesium hydroxide for wastewater treatment is expected to shape the growth of the global Magnesium Hydroxide Market during the forecast period (2020-2030). Although the COVID-19 pandemic is likely to hinder market growth during the first half of the forecast period, the global magnesium hydroxide market is projected to attain a market value of US$ 850 Mn by the end of 2030. As per the latest study published by Future Market Insights (FMI), the COVID-19 pandemic is likely to have a short-term impact on the growth prospects of the global magnesium hydroxide market.
At present, applications of magnesium hydroxide extend beyond wastewater treatment, as it is being increasingly being used for an array of applications including gold mining, warehouses, antacid, thermal conduction, and the wet pallet collodion process among others.
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Key Takeaways of Magnesium Hydroxide Market
- Magnesium hydroxide emerges as an ideal substitute for lime and caustic soda in wastewater treatment
- Brine/seawater precipitation would remain the most prominent manufacturing process due to its long-term economic benefits
- Soaring demand for technical/industrial grade magnesium hydroxide expected to provide impetus to market growth
- South Asia and East Asia remain in the vanguard in terms of market growth; key market players likely to focus on tapping onto the opportunities in these regions
- Surge in demand for environmental applications will assist market growth. Widening applications in the chemical sector will provide a boost to the market growth
High Demand for Wastewater Treatment Projected to Augment Market Growth
Over the past couple of decades, magnesium hydroxide is increasingly being used for wastewater treatment applications across the developed as well as the developing regions. As governments across the world continue to emphasize on improving wastewater treatment techniques, magnesium hydroxide has emerged as an ideal candidate. At present, due to the advantages presented by magnesium hydroxide slurry, its adoption is projected to outpace that of lime and caustic soda.
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In addition, apart from being an ideal alternative for wastewater treatment, magnesium hydroxide is extensively being used for acid neutralization of industrial wastewater. As the industrial applications of magnesium hydroxide expand, the industrial-grade magnesium hydroxide will gain stronger traction to capture a higher revenue share in the global market.
Short-term Ramifications of COVID-19 Pandemic
FMI study states that the COVID-19 pandemic is expected to have a short-term impact on the overall growth prospects of the global magnesium hydroxide market. The market study predicts that the demand will remain sluggish during the coronavirus outbreak as the governments across the world continue to enforce trade restrictions due to which, market players are expected to address the supply chain challenges put forward by the crisis.
Know More About FMI’s Magnesium Hydroxide Market Report
Magnesium hydroxide study published by Future Market Insights offers resourceful insights related to the growth trajectory of the magnesium hydroxide market during the forecast period (2020-2030) on basis of application (environmental, pharmaceutical, flame retardant, chemicals & others), grade (food/pharma and technical/industrial) across the most prominent regions worldwide.
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